Hexaware Technologies fell 2.05% to Rs 152.75 at 13:45 IST on BSE on reports a foreign brokerage downgraded the stock to underperform.
Meanwhile, the BSE Sensex was up 15.40 points, or 0.06%, to 25,856.61.
On BSE, so far 29,000 shares were traded in the counter, compared with an average volume of 2.78 lakh shares in the past one quarter.
The stock hit a high of Rs 155 and a low of Rs 151.05 so far during the day. The stock hit a record high of Rs 179.85 on 23 April 2014. The stock hit a 52-week low of Rs 86.40 on 3 July 2013.
The stock had outperformed the market over the past one month till 2 July 2014, rising 7.66% compared with 4.68% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 3.02% as against Sensex's 14.59% rise.
The mid-cap company has an equity capital of Rs 60.06 crore. Face value per share is Rs 2.
According to reports, the brokerage said there is negative risk-reward ratio in the Hexaware Technologies stock post the outperformance in this year till date. The brokerage reportedly expects the company's revenue outlook to weaken in future and new initiatives taken by the company likely to take time to deliver.
Hexaware Technologies consolidated net profit fell 31.89% to Rs 70.30 crore on 5.02% decline in income from operations to Rs 588.87 crore in Q1 March 2014 over Q4 December 2013.
Hexaware is a leading global provider of IT & BPO and consulting services.
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